Elon Musk Adds $100 Billion to Wealth, Topples Bill Gates as 2nd Richest

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November 24, 2020

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Elon Musk's year of dizzying ascents hit a new apex Monday as the Tesla Inc. co-founder passed Bill Gates to become the world's second-richest person.

The 49-year-old entrepreneur's net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla's share price. Musk has added $100.3 billion to his net worth this year, the most of anyone on the Bloomberg Billionaires Index, a ranking of the world's 500 richest people. In January he ranked 35th.

His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500 billion. About three-quarters of his net worth is comprised of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX.

Musk's milestone marks only the second time in the index's eight-year history that Microsoft Corp. co-founder Gates has ranked lower than number two. He held the top spot for years before being bumped by Amazon.com Inc. founder Jeff Bezos in 2017. Gates's net worth of $127.7 billion would be much higher had he not donated so prodigiously to charity over the years. He has given more than $27 billion to his namesake foundation since 2006.

With Monday's move, Musk unseats an occasional verbal sparring partner in Gates, who the Tesla billionaire has ridiculed on Twitter for, among other things, having “no clue” about electric trucks. The two have also traded barbs over Covid-19. Gates, whose charitable foundation is one of the preeminent bodies backing vaccine research, has expressed concern over Musk's stated suspicion of pandemic data and embrace of certain conspiracy theories.

The year has been a lucrative one for the world's richest people. Despite the pandemic and widespread layoffs that have disproportionately affected the world's working class and poor, the members of the Bloomberg index have collectively gained 23% -- or $1.3 trillion -- since the year began.

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November 5,2024

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Washington: The race between Democratic leader Kamala Harris and her Republican rival Donald Trump for the White House has been truly unprecedented as it saw drama, tragedy, political comebacks, fierce rhetoric and a historically razor-tight contest.

As the fight reaches its crescendo with the big election day just a few hours away, many political observers billed the unpredictable race for the 47th President of the US as the most consequential one in decades while appearing to project a grim picture for the country’s future under a Trump presidency.

In her final days of campaign, Vice President Harris focused on a message of hope, unity, optimism and women rights whereas Trump remained fiercely combative in targeting his Democratic rival and even suggested that he may not accept the election outcome in case of a defeat.

Overall, it has been a roller-coaster ride for both 60-year-old Harris and 78-year-old Trump.

Trump received his party’s nomination in March and formally at the Republican National Convention (RNC) in July — in a historic comeback after remaining in political wilderness for months following several court cases.

In effect, he became the first former president to get the nomination for the top office on the planet after being convicted of a felony.

“Trump has made one of the biggest political comebacks since Richard Nixon’s in terms of the political struggles that he has had in the last four years,” Communication Strategist Anang Mittal said.

Just days ahead of the RNC, Trump was shot at during a rally in Pennsylvania. He suffered an upper ear injury. Minutes later, a bleeding Trump raised his fist in defiance, images that drew a lot of emotional support from his die-hard supporters.

For Harris too, it has been a dramatic ride after Biden ended his re-election campaign in July, nearly weeks after he came under severe scrutiny following his incoherent performance at a televised debate with Trump.

While dropping out from the race, Biden, 81, endorsed Harris to succeed him as the Democratic candidate.

Finally in August, the Democratic National Convention formally nominated Harris as the party’s candidate for the presidential election.

The presidential election will be a chance to “move past the bitterness, cynicism and divisive battles of the past”, she said in a powerful speech at the Convention.

If Harris wins, she will become the first woman, first Black woman and first person of South Asian descent to become the US President.

In the overall campaign, Harris has been projecting the election as the one to protect the country’s fundamental freedoms, safeguard constitutional values and ensure women’s rights.

On his part, Trump has maintained his signature aggressive rhetoric and promising to rebuild the economy and rid the US from illegal immigrants.

However, there has been strong criticism of the Republican leader’s roadmap to repair the economy.

"Donald Trump is offering a vision of crony rentier capitalism that has enticed many captains of industry and finance,” said Joseph E Stiglitz, a Nobel laureate economist, in a column in Project Syndicate.

"In catering to their wishes for more tax cuts and less regulation, he would make most Americans’ lives poorer, harder, and shorter,” he said.

With election day just a few hours away, there is no clarity on who has a better chance of winning the race.

"The elections are very close. They (the outcome) may change on the basis of a few thousands votes here or there. I think the big issue will be voter turnout tomorrow. That will determine the outcome in certain swing states,” said Executive Director of the US chapter of Observer Research Foundation Dhruva Jaishankar.

Kapil Sharma, a non-resident senior fellow at Atlantic Council’s Middle East Programmes, also echoed similar views.

“This election is probably one of the closest elections that I can remember. I have been working in Washington for over 30 years and I don’t recall an election being this tight,” he said.

More than 78 million Americans have already cast their votes as of Sunday, according to the University of Florida’s Election Lab that tracks early and mail-in voting across the US.

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November 12,2024

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Mysuru, Nov 12: Zameer Ahmad Khan, the Tourism and Waqf minister of Karnataka, who stirred a controversy by addressing the Union Minister HD Kumaraswamy as ‘Kaala Kumaraswamy’ has tendered apologies for his remarks.

Speaking to reporters in Mysuru on Tuesday, Minister Zameer stated that he will apologise if remarks have hurt JD-S workers.

“We both are very close. Then, in a total of 24 hours, we were together for 14 hours. He used to fondly address me as “kulla” (shorty) and I used to address him as “kariyanna” (blacky, kaalia),” Minister Zameer stated.

“I am not addressing him as ‘kaalia’ for the first time. I have not said something highly derogatory. It is being made as big in the backdrop of elections. With love, he used to call me a shorty and I called him a blacky. If I had caused pain to anyone by my words I apologise,” he said.

He further stated: “Kumaraswamy had said that he didn’t want the votes of the Muslim community. But now they are attempting to purchase Muslim votes. Against this backdrop, I have made the remark.”

Minister for Home G. Parameshwara stated on Tuesday, “Minister Zameer and Kumaraswamy are close friends. Their comments against each other are not significant.”

Zameer Ahmad Khan, the Tourism and Waqf minister of Karnataka stirred a controversy on Monday as he addressed the Union Minister as ‘Kaala Kumaraswamy’.

JD-S on Tuesday demanded a public apology and resignation of Minister for Waqf and Tourism Zameer Ahmad Khan over his ‘racist’ remarks.

“Remember, there is no place here for your divisive policies. You have insulted the people by making ethnic, racist and discriminatory statements. You should apologize to the people of the state and resign,” the JD (S) demanded in the post.

Union Parliamentary Affairs and Minister for Minority Affairs Kiren Rijiju reacted sternly to the racist jibe and stated, “I strongly deplore Congress Minister Zameer Ahmed calling Union Minister and former Chief Minister of Karnataka Kumaraswamy as 'Kaalia Kumaraswamy'.

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November 1,2024

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Bengaluru, Nov 1: Hardline BJP leader and Vijayapura MLA Basanagouda Patil Yatnal wrote a letter to Prime Minister Narendra Modi to "Nationalise Waqf Assets", alleging Waqf board of "blatant violation" in claiming of the lands of Farmers, temples and mutts.

Taking to his social media, Basanagouda Patil Yatnal posted on X, saying "I have written a letter to the hon'ble PM Shri Narendra Modi ji to Nationalize the Waqf Assets in view of the arbitrary, blatant violation in claiming of the lands of Farmers, Landowners, Temples, Trusts and Mutts across the country by the Waqf board. All the citizens of the country have equal rights on the land. If the motive of Waqf is welfare and social service, this has to be done without bias and religious discrimination as India is a secular nation."

Additionally, Vijayapura MLA also attached the letter to Prime Minister Narendra Modi in his post.

Earlier, BJP MP Tejasvi Surya had accused the Waqf Board of encroaching on thousands of acres of farmers' lands with the support of the Karnataka government.

Surya stated, "There have been multiple press conferences and videos in the public domain where the Minister himself has admitted that these Waqf adalats are being conducted under the Chief Minister's instructions. This is a grave matter, where thousands of acres of farmers' lands are being encroached upon by the Waqf Board with the active support and collusion of the State Government."

He mentioned that, in recent days, farmers from various districts across Karnataka have reported that, without prior notice, ownership of their lands has been abruptly transferred to the Waqf Board.

Karnataka Minister Priyank Kharge criticised BJP MP Tejasvi Surya, claiming he has done nothing for Bengaluru. Kharge's remarks came in response to the BJP MP's accusations regarding Waqf Board land encroachment.

The Congress leader assured that the Karnataka government is committed to protecting farmers' properties.

Kharge further questioned the BJP's record on protecting temples during its previous government, stating that the Karnataka government is committed to safeguarding temples and common people's properties.

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